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AbstractEvidence is presented on the factors that influence take‐up for postsecondary education financing (loans or grants) for high school students. Results show several factors influence the students' decisions about taking loans or grants but the most prominent influence was the price of educational subsidy. A total of 1,248 high school students across Canada participated. Prices for the grants and loans overlapped substantially in order to more clearly distinguish the impact of loan aversion on the decision to take up financial assistance to pursue PSE. The study featured paid experimental decisions (ranging from $25 to $700 in cash and from $500 to $4,000 in education financing), a numeracy assessment, a student survey and a parental telephone survey. The targeted sample included at‐risk high school students: low SES levels, First Nations and first generation students. Participants were marginally sensitive to the form of financing (grant or loan), with no evidence of systematic loan aversion being detected.

Ethics, Economy, and EntrepreneurshipWhy Ethics?Why Economy?Why Entrepreneurship?Part 1: Key ConceptTradeResourcesCostInstitutionsValuePart 2: ProgressAdam Smith on ProgressTransaction Cost and ProgressCommerce and ProgressProduction Possibilities FrontierWhat Seems Like ProgressPart 3: Understanding TradeConditions for TradeComparative AdvantageDivision of LaborBuyersSellersA Market: Supply and DemandA Market Responds: Price and QuantityEconomic SurplusPrice Signals and Spontaneous OrderPrice ControlsEconomic Science: Putting Theory to the TestProgress and Wealth CreationPart 4: Trust, Agency, and BystandersPrincipal-Agent FrameworkCost to BystandersCompetitors are not BystandersThe Logic of the CommonsEnvironmental TragediesPropertyParcelsCommunal PropertyTrustBenefits for BystandersMarket PowerMonopoly PowerMonopsony PowerInternational Trade and Trade ProtectionWhat Should Not be for SalePart 5: Management of a Commercial SocietyFinancial InstitutionsFractional Reserve BankingMeasuring EconomiesGross Domestic Product (GDP)Unemployment RateMeasuring the Price LevelFiscal PolicyMonetary PolicyPublic ChoiceCorruptionPart 6: Personal and Business FinanceAccounting BasicsCompound GrowthSaving, Borrowing, and InvestingMarketing FundamentalsInsuranceBreak-Even AnalysisBudgetingFinancial ManagementPart 7: Innovation and EntrepreneurshipKnowledge DiscoveryIt Takes More than IdeasWhat Innovation Looks LikeEntry, Exit, and the Role of ProfitCreative DestructionEntrepreneurs as Resource IntegratorsEntrepreneurship as a ProcessMarkets Don't ExistCompetitive Advantage -- The Dynamics of Remaining ViableThe Big ErrorsThe Entrepreneur and Self-Assessment

AbstractThis paper introduces the Prince incentive system for measuring preferences. Prince combines the tractability of direct matching, allowing for the precise and direct elicitation of indifference values, with the clarity and validity of choice lists. It makes incentive compatibility completely transparent to subjects, avoiding the opaqueness of the Becker-DeGroot-Marschak mechanism. It can be used for adaptive experiments while avoiding any possibility of strategic behavior by subjects. To illustrate Prince's wide applicability, we investigate preference reversals, the discrepancy between willingness to pay and willingness to accept, and the major components of decision making under uncertainty: utilities, subjective beliefs, and ambiguity attitudes. Prince allows for measuring utility under risk and ambiguity in a tractable and incentive-compatible manner even if expected utility is violated. Our empirical findings support modern behavioral views, e.g., confirming the endowment effect and showing that utility is closer to linear than classically thought. In a comparative study, Prince gives better results than a classical implementation of the random incentive system.